All Forum Posts by: Shelby Pracht

@Brianna Gardner I am no analyst, and this is purely speculation, but...

The effects of covid are much worse for low to middle income people who have had lost their jobs and don't have savings or outside income to pay bills. I think it will be the primary residences of these people that will be most effected. They have forbearances on their mortgages or are behind on their rent but can't be evicted yet, and once evictions and foreclosures start again it could get ugly.

However, by definition people that own vacation or second homes have expendable income, and often from other sources than their primary job. A lot of these people that are more well off have been able to work from home through covid, unlike service industry workers, etc. I have talked to so many people in Southern California that are waiting for the same thing to happen, but at least in Mammoth I don't foresee a steep drop in prices anytime soon. All of the clients that I manage vacation rentals for here have been able to continue to make mortgage payments even when tourism was shut down and they had no airbnb income for months. And like @Lee Ripma said , there are so many people trying to escape the city right now, I dont imagine demand dropping that much soon.

Congrats, @Melissa Bovee

As one of these resort town full-time residents and as an STR operator, I would not list your unit as available or encourage Bay area residents to come up.

@Lee Ripma and @David VanWert Mammoth has announced they are not able to go into Phase 2 because of a recent increase in cases. We had no new cases at all for over 2 weeks, and then a huge increase in the last week, which likely means someone from out of town brought the virus back here. Check out the Mono Co. Health Dept. press release from yesterday.

Please don't encourage visitors or second home owners to come up to small resort towns! We don't have the same resources you do and want to get our case numbers down so that we can begin reopening safely. (Guideline for Phase 2 is 1 case per 10,000 residents in a 14-day period. Mono Co. has a population of 14,000 and we had 8 new cases last week, so we are well above the limit now.)

@David VanWert I also did the new application as soon as I heard, and still haven't heard anything. Thankful that all my long term tenants were able to pay rent for April so I have a bit of cushion, but it would definitely be nice to know something.

@Nathan G.

That's totally reasonable.

We just dumped a large portion of our savings into that new complex that just closed, and I'm nervous about long term tenants not being able to pay rent, so I'd rather have the extra cash as a backup. But who knows if we'll even qualify. Best of luck!!

@Nathan G. I think the benefit would be for people like me and David Van Wert in places where they have temporarily shut down all short term rentals.

I applied for the loan last week and haven't heard anything back yet. The cheap money is important to me because I was doing this as my full time job and had employees and 1099 contractors working for me that I'm unable to pay. Thankfully I have long term rentals too, but I'll be wiping all of our savings if this goes more than a couple of months. And from all the lenders that I've talked to, very few people are doing HELOCS or refinancing right now anyways. I just closed this week on a townhome complex and the lender told me we got it done just in time, they're putting a moratorium on lending for the next 60 days.

@Mark Miles while this might work, it is probably not the most socially responsible thing to do if your local government is trying to protect from the spread of disease.

@JR Woolf

Yes, for Mammoth specifically they are still working on enforcement, but are asking that owners and property managers do their part. The specific concern here is that Mammoth has very few medical resources (eg, 12 hospital beds and 2 ventilators) and don't want any tourism at all in town for the time being to preserve those resources for long term locals.

While it absolutely sucks (I manage 14 STRs here) I think it's the best thing for our little town right now. Our local government's budget is 60% funded by transient occupancy taxes, so it's a huge blow for everyone.

Just happy that we are diversified with long term rentals as well and still have some income coming in.

@Tehane Gallimore

Just because it cash flows well doesn't necessarily mean it's a good investment for you right now.

We got rid of a super profitable airbnb last year and don't regret it. It's definitely a lot more work than most people realize, especially when you have just one or two properties. Even when you have most things automated or delegated, just that feeling of always being "on call" is really stressful for some of us.

(To be fair, we just ended up staring an STR management company so that we could still take advantage of those profits, but also grow the company so that I can eventually be pretty hands off with it)

@Jennifer Pauyo

We're here!!

I'm an investor and a contractor (technically have my real estate license as well, but not actively doing anything with it) and also own a property management company!

I've been glad to hear *slightly* more women on the BP podcast lately, but in general we're outnumbered. I think that is slowly beginning to change though!

(Unrelated: I'm currently taking a beginner's welding class and it's 40% female, which I was pretty stoked on!)

The town I live in has a lot of vacation rentals, so all of the local agents here are familiar with the policies. I'd start by contacting a local agent or broker and they should be able to help you with finding a policy (almost all my units have fireplaces or some kind of fuel burning stove)